Portugal Industry

Portugal: Industrial production records zero growth in November

December 30, 2015

In November, industrial production recorded zero growth over the same month last year, which was well below the 4.2% rise recorded in October and marked a seven-month low. According to Statistics Portugal (INE), November’s acceleration in industrial output was the result of deteriorations in all sectors, with mining in particular recording the sharpest downturn.

Compared to the previous month, industrial output fell a seasonally-adjusted 4.0% in November, which contrasted October’s 2.9% increase and marked a multi-year low. Nevertheless, the annual average growth of industrial production inched up from October’s 1.4% to 1.5% in November.

Met the why particular Consensus Forecast panelists expect industrial production to rise 2.1% in 2016, which is up 0.5 percentage points from last month’s forecast. For 2017, panel participants expect industrial output to expand 2.5%.

Author:Eric Denis , Economist

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Detailed figures released by the National Statistics Institute (INE) on 30 November confirmed that growth hit 0.5% quarter-on-quarter in Q3 (Q2: +0.3% quarter-on-quarter), amid a wave of strong growth results emerging out of the Eurozone.